Monday, 19 November 2012

"Q" Score

"Q" Score:-

  • Developed in 1963 by Marketing Evaluation Inc., an American company
  • Q score is influenced by both people’s familiarity with the subject and their favourability towards it.
  • It is widely used for selecting the right celebrity endorser for brand advertisement.
  • The Q score answers the question “how appealing is the person among those who know him or her?”
  • First the respondents are asked to indicate two things- whether they seen or heard about the selected celebrity? Secondly, if yes , then  the respondents are asked to rate the celebrities on a scale that includes-
    1. One of my favourites, 2. Very good, 3. Good, 4. Fair, 5. Poor,
               6.      Never heard.
        Then after marketing companies suggest celebrity name to companies for brand  advertisement.

Tuesday, 13 November 2012

Variables which determine Corporate social responsibility(CSR) of individuals

·        The philosophy of Corporate Social Responsibility (CSR) is based on -- “Organizations should think beyond profit and wealth maximization”.

·         CSR activities are an integral part of Business strategy for long term business growth.

·        CSR practices in business differ from organization to organization.

·        Corporate performance is not only judged by financial metrics, but also by social and environmental measures.
                                   · The individual psychological variables may play an important role in influencing the individual’s attitudes towards CSR (Schlenker and Forsyth, 1977).

 ·       CSR in business is more driven by the personal beliefs and values of the people running the business (Vyakarnam et al.1997, Jenkins 2004)
                    CSR variables:- 

·        Individuals with high Machiavellianism employ aggressive, manipulative, exploitative and devious move to achieve personal or organizational objectives (Calhoon, 1969).

·        An individual with high extent of religiosity is likely to give more importance to  the societal needs and is likely to have positive CSR attitude (Weaver and Agle,2002).

·        Forsyth’s research (1992)  defined idealism as the degree to which a person has a genuine concern (universal moral principles) for others and for taking only those actions that avoid harm to others.

·        Richins and Dawson (1992) defined materialism as “a value that guides people’s choice in a variety of  situations, including, but not limited to, consumption arenas”.
·        The study of Giacalone and Jurkiewicz(2003)  indicated that spirituality is a significant predicator of individual perceptions of whether specified business practices were considered ethical or unethical.

Friday, 9 November 2012

Style and fashion

Style and fashion:-

  • When in the opinion of a large group of people, a particular Style is popular, that style becomes a fashion.
                            ---- Cundiff and Still

  • A fashion is any style which is popularly accepted and purchased by several successive groups of people over reasonably long period of time.
                                                                                           ----- Stanton

  • Style is defined as characteristic or distinctive mode or method of expression, presentation or conception in the field of some art.
                                                                                    ----- P.H.Nystorm

Theory of fashion:-

Trickle down theory- When the new products are proposed or offered to the high class family or a reputed person for sale called Trickle down theory of fashion.

Trickle across theory- When the new products are offered to the any type of social class for sale called trickle across theory of fashion.


Tuesday, 6 November 2012

Definitions of Marketing

Marketing is process of implementation of intelligent decisions by which marketers mould needs into demands (in a given/target market) and try to fulfil on time profitably so that ownerships are affected and  prospects turned to customers and customers turned to satisfied customers.
                                                                                                              ----- Mrityunjay Kumar
Definitions of Marketing by different authors:-
  • Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange that satisfy individual and organisational objectives.
                                                                                            --- American Marketing Association.
  • Marketing is the management function which organises and directs all those activities involved in assessing and converting customer purchasing power into effective demand for a specific product or service and in moving the product or service to the final consumer or user so as to achieve the profit target or other objectives set by a company.
                                                                                             --- Council of the Institute of Marketing
  • Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
                                                                                                --- Kotler and Armstrong
  • Marketing is the managerial process by which products are matched with markets and through which transfers of ownership are affected.
                                                                                                    ---Cundiff,Still and Govoni
  • Marketing is a total system of business activities designed to plan, Price, Promotion and distribute want satisfying products to target markets to achieve organisational objectives.
                                                                ------ Stanton, Etzel and Walker
  • There will always, one can assuming be need for same selling. But the aim of marketing is to know and understand the customer. So well that the product or service fits him and seller itself. Ideally marketing should result in a customer who is ready to buy.
                                                                                                             --- Peter F. Drucker
  • Marketing can be defined as a socio economic process within the real of society under which individuals and groups acquire, obtain or purchase the goods or services that they required based on their needs, wants and demad levels through the process of manufacturing, trading and exchanging the products and services of value with others.
                                                                                                             ---- Cundiff
  • Marketing is the term used to describe collectively those business functions most directly concerned with the demand stimulating and demand fulfilling activities of the business enterprise.
                                                                                                            ----- Cundiff and Still
  • Marketing consists of the performance of business activities that direct the flow of goods and services from producer to consumer or user.
                              --- The Committee of Marketing Teacher’s association of USA
  • Marketing is the creative management function which promotes trade and employment by assessing consumer and initiating research development to meet them. It co-ordinates the resources of production and distribution of goods and services, determines and directs the nature and fields of the total efforts required to sell profitably the maximum production to the ultimate user.
                                                                                              --- The institute of marketing, England
  • Marketing involves the design of the products acceptable to the consumers and the conduct of those activities which facilitate the transfer of ownership between seller and buyer.
                                                                                                       ---- Prof. Harry Hansen

Thursday, 1 November 2012

The seven goals of marketing

The seven goals of marketing are :-

Attract and retain profitable customers.

Turn problem customers into profitable customers.

Attract new customers.

Find a target, product, place, positioning, and price that maximize revenue.

Maximize emotional value as well as rational (attribute) value.

Use the marketing mix to strengthen the bond between the core product and the physical product.

Use the full product-service experience to strengthen the bond between the core product and the physical product.